How can I change the balance of a loan in the balance sheet?

Georgie_8281276
Georgie_8281276 Member Posts: 18 Novice Member Novice Member
edited October 2024 in Reckon Accounts (Desktop)
The balances recorded in our Balance Sheet in Reckon are completely wrong as the previous bookkeeper has reduced the balance by the full amount of each loan payment (ie not taken principal and interest splits into account). What entries do I need to make to accurately reflect what we owe?

Comments

  • Charley
    Charley Member Posts: 498 Reckon Star Reckon Star
    edited January 2020
    Debit Interest paid; credit loan; depending on how long it's being going on for you might have to do one big one to catch up for the EOFY
  • Zappy
    Zappy Accredited Partner Posts: 5,252 Accredited Partner Accredited Partner
    edited August 2019
    You will need to get a copy of the loan statement from the bank. You can then enter the loan reduction and interest payment directly into the register.
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